Binance Crypto Trading Scams In Pakistan 2023 Latest Guide

Binance is a cryptocurrency exchange platform that allows users to buy and sell various cryptocurrencies. P2P (peer-to-peer) trading is a feature offered by Binance that allows users to trade cryptocurrencies directly with other users rather than through the exchange.

P2P Scams

Scams can happen on any platform, including P2P trading platforms. Some common P2P scams include fake sellers, phishing, and fraud. It's important to be vigilant and take steps to protect yourself when engaging in P2P trading.

Here are some tips to help you avoid P2P scams on Binance

Only trade with verified users. Binance has a verification process for users, and verified users are less likely to be scammers.

Be cautious of offers that seem too good to be true. Scammers often use high returns as a way to lure in victims.

Always verify the payment method before sending funds. Scammers may try to trick you into sending funds to the wrong account.

Be wary of any communication that asks for personal information or login credentials. Scammers may use phishing techniques to steal your information.

It's also important to report any suspicious activity to Binance, so they can take action to protect other users. If you believe you have been scammed, contact Binance customer support immediately.

USDT P2P SCAM STORY

It was a typical day when I decided to trade USDT on Binance for CAD. I had been trading with a buyer for weeks and everything seemed to be going smoothly. We had a successful trade and the buyer paid me through an e-transfer. I released the coin and thought nothing of it.

But the next morning, I woke up to a nightmare. I couldn't login into my bank account. I immediately contacted my bank and went to a local branch. The bank told me that the buyer had reported the transaction as fraud and that my account was frozen. I couldn't believe it. My account had $5,000 in it and the bank was going to take that money to cover for the supposed fraud.

I contacted Binance and they froze the buyer's account, but they informed me that the buyer did not have enough funds to refund me. They told me that there was nothing they could do to help me. I was shocked and disappointed. I had always thought that e-transfers were not reversible and now I was left with nothing.

I had been considering selling P2P on Binance, but this experience made me think twice. I realized that P2P trading comes with its own risks and I needed to be more careful in the future. I never expected that a simple trade on Binance could lead to such a devastating outcome.